The company’s largest round of funding underscores the strength of a device and an algorithm.
Trying to pin down whether a patient has coronary artery disease is “costly, risky, and time-consuming”—that is, according to the brains at Analytics 4 Life. And fresh off a $25 million round of funding, they appear to be the right people to ask.
Today’s cash influx brings Analytics 4 Life’s investments up to $34 million since its establishment in 2012, according to the startup tracker Crunchbase. The Canadian digital health company gathered the money from “an international syndicate” of investors, including physicians, healthcare professionals, and medical device honchos, according to the announcement.
What caught their minds and opened their wallets? For one, an algorithm.
This machine-learned algorithm, Analytics 4 Life claims, can analyze data and produce an image that identifies areas that might be affected by heart disease—foregoing the typical radiation, contrast agents, and cardiac stress.
CorVista, the company’s non-invasive diagnostic test, starts by using a proprietary device to scan natural signals from the body. Then it sends that information to the cloud, where the algorithm does its job. The model and data zoom over to a secure web portal, which a physician then accesses to use when recommending treatment.
“Securing this oversubscribed financing fuels our rapid growth to advance development of our diagnostic tool and gives us the resources we need to deliver this game-changing technology to patients and physicians,” Analytics 4 Life CEO Don Crawford said in a statement.
That could come sooner than later. The diagnostic tool is undergoing clinical trials throughout the US, encompassing more than 2,000 patients to see how this method stacks up to the current gold standard, according to the company.
It plans to present preliminary results next month.
Along with the money, Analytics 4 life gained a new board member: Aaron Berez, a doctor and longtime leader of medical-device companies. He said he was “excited and honored” to join the team as it aims to combat a disease that causes 1 in 7 deaths in this country.